Money

Qld's growth set to soar

Coal ship Brilliant Venus comes in to dock at the RG Tanna Coal Terminal in Gladstone Harbour.
Coal ship Brilliant Venus comes in to dock at the RG Tanna Coal Terminal in Gladstone Harbour. David Sparkes

NEW figures show Queensland soaring ahead of the pack for predicted growth in the next financial year and Gladstone is proving to be one of the key factors.

The State Government last week released updated forecasts from the mid-year budget review. Those figures show the state's forecast growth will out-perform the nation this year and will be the best of any state in the coming financial year.

In the 2012-13 financial year, Treasury is predicting 5% growth for Queensland, while Western Australia (this year's top performer) will soften slightly to growth of 4.25%.

The exact relevance of the figures will be open to debate, but Treasurer Andrew Fraser said Gladstone was a key part of that growth.

"While weaker global economic conditions have trimmed current year forecasts, the Treasury continues to forecast Queensland economic growth will be ahead of the nation," Mr Fraser said.

"The series of budget updates released in Australia show that it will be Queensland and WA that continue to do the bulk of the work for the nation with growth rates above 4%, while Victoria and NSW languish with projected growth of just over 2%.

"Nearly all forecasts have been downgraded around the globe and across Australia in recent months - our forecast growth of 4.25% will be the envy of most of the developed economies of OECD."

Business investment is now expected to increase by about 35% in 2011-12 - up from the almost 28% in the budget.

Mr Fraser said employment and population forecasts were set to remain above the national forecasts, while inflation was now forecast to be 2.5% for the current year - down from a budget prediction of 3%.

Mr Fraser said Gladstone was a vital cog in the wheel of economic activity.

"Gladstone is front and centre when it comes to the tens of billions of dollars of business investment that is driving growth in Queensland," he said.

"The three LNG projects that are now approved and under way, worth around $45 billion, are delivering jobs and prosperity to the region that will not be seen again for a generation."

Topics:  better business, financial year, gladstone, growth




Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

'My husband lasted 6 weeks as a stay at home dad'

APN Hey Mummy Feature for online - stock images. Katie Dykes being interviewed for the webisodes. Photo Marc Stapelberg / The Northern Star

FROM the outside, being a stay at home mum looks like a breeze.

THE EXPERT: Stop judging working mothers

SUPER MUMS: Being a working mums comes down to perfecting time management.

"WORKING for money is all right; so is working because you want to.”

OPINION: How to prepare your child for day care

Your kids will love childcare, but it may take some adjusting.

GETTING your child ready for day care is vital.

Health and nutrition with kids - how do you balance it?

HOW important is health and nutrition in your household?

Smack or no smack - where do you stand?

THE debate is reignited - is smacking acceptable?

Technology and kids: Do you ever cut their wi-fi?

Check out our new video series featuring mums having a chat

Iconic CBD buildings featured in new public art project

Gladstone artist Geoff Head created the ten linocuts of Gladstone buildings that are now on Goondoon St.

The project aims to liven up the Gladstone CBD

Ken’s beauty ‘saloon’ slip cheers up Barnaby on a cold day

Professor Owen Niven with deputy prime minister Barnaby Joyce and Ken O'Dowd.

The deputy prime minister was in Gladstone to hear Mr O’Dowd’s pitch

820 LNG workers set to re-enter Gladstone job market

Onsite at Australia Pacific LNG. Photo Mike Richards / The Observer

"I’m trying to stay because I like Gladstone"

Latest deals and offers

Public art at Goondoon St

Gladstone artist Geoff Head created the ten linocuts of Gladstone buildings that are now displayed on Goondoon St.

Gladstone artist Geoff Head explains where his idea came from to create linocuts of...

Ken cheers up Barnaby

Professor Owen Niven with deputy prime minister Barnaby Joyce and Ken O'Dowd.

Ken O'Dowd's slip of the tongue cheered up deputy premier Barnaby Joyce this...

Ernie Els dunks for eagle

Smooth swing, great shot.

Ernie Els lives up to his reputation for one of the best swings in golf.

Three bedroom, 1100sqm block: Is this Qld's cheapest home?

BARGAIN BUY: Is this North Bundaberg property the cheapest home in Queensland?

Becoming a real estate mogul is all about risk and reward

PROPERTY BOOM: Coast prices set to skyrocket

Like other areas in south-east Queensland, the Sunshine Coast is at the start of the upturn on the property clock.

Values predicted to rise 25-33%